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InCred Finance In Talks With Microfinance Companies For Buyout or Controlling Stak

Anshu Jain-backed non-banking finance company InCred Finance is in talks with a clutch of microfinance companies for either a total buyout or controlling stake.

The company, which lends for personal and small business needs, affordable homes and education, is keen on lending in rural India by entering the microfinance business.

Since February, the new-age financial services platform has disbursed Rs 100 crore in loans to about 1,000 customers in less than 100 days, it had said in a press release a few weeks ago.

InCred Finance has set up its first set of branches in Mumbai (Borivali and Thane), Surat, Ahmedabad and Pune. It plans to expand its footprint to other cities soon.

The company is driving growth through initiatives beyond the traditional brick-and-mortar branch model. It has implemented a technology-enabled lending process and uses algorithmic alternate data for quicker decision-making in loan processing.